Saturday, April 24, 2010

Ski Dubai

Ski Dubai is the first indoor ski resort in the Middle East. The resort is 22,500 sq. meters (equivalent to three football fields) covered in real snow all year round. There are five slopes that range in difficulty that people can go down, and Ski Dubai has the first ever indoor black diamond slope in the world. People coming to the resort have the option of skiing, snowboarding, or tobogganing. There is also an area where snowboarders can practice their tricks and stunts. Young children can also have fun in the 3,000 sq. meter interactive Snow Park.

People do not need to worry about bringing equipment or ski clothing, because the resort supplies everything. The temperatures inside the ski resort are kept at a chilly -1 to -2 degrees all year round. So no matter what it it is like outside, people can enjoy skiing all year round. The standard pricing, which includes everything, ranges from 180 AED to 300 AED, depending how long you plan to ski. The resort also offers skiing and snowboarding lessons to those who are not that experienced.

Saturday, April 17, 2010

Dubai's "The World" Project Failing

Dubai's dream to build "The World" is failing; out of the 300 man made islands sculpted from sand only one has been built on. The only island that has been built on is called "Greenland", it is a two story luxury villa surrounded by palm trees and the Persian Gulf. "The World" was supposed to have only been a five year project which started in May of 2003. The islands are about a 15 minute boat ride off the coast of Dubai. The islands were built inside a lagoon protected by a 17-mile breakwater made up of 34 million tons of rock.

Each island varies in size from the smallest being 120,000 sq ft to the largest being 450,000 sq ft, and each cost between 15 and 50 million dollars. The main developer of the project said that the whole project would cost around 14 billion dollars, and that 70% of the islands had already been sold (but that was not true). He pitched the idea to financiers , global banks, and investors saying that it would be a millionaires playground, but instead it is now 299 mounds of sand. The major developer Nakheel, blames the 2008 global financial crash as to why the project has haulted, and as why people are sceptical to invest in his project. Developers are hoping that the production will start back up soon and they will be able to finish the project shortly.

Saturday, April 10, 2010

Dubai's Attempts to Save Real Estate Market

A Dubai based real estate broker company, Choueri Real Estate, is working with real estate fund managers to put together 100 million dollars to help Dubai's real estate market. This money will be invested into residential, commercial, and hospitality real estates in order to help the decline in the real estate market. According to Choueri Real Estate, the fund will be a closed-ended fund, meaning that a fixed number of shares will be available. The funds will be coming from investors in the United States and Europe. The fund investors are not only looking for distressed assets, but also opportunistic properties as well.

Dubai's real estate market is seeing a price floor, but prices are still fluctuating on a weekly basis. Dubai feels that their real estate market today is showing signs of becoming more stable again like it was in previous years. Developers in Dubai are hoping that investors will take chances and invest on their real estate market, and to also realize investments made would be an economic gain for both participants.

Sunday, April 4, 2010

Dubai's GDP Growth

In 2009 Dubai's GDP reached to AED 174.6 billion dollars. In 2010 Dubai is expected to see a real GDP growth of 2.5%. Dubai's GDP growth has been growing at a steady pace over the past few years. In 1995 it was AED 41.3 billion, and by 2004 it had rose to AED 110.7 billion dollars.

According to Dr. Zainal Abideen Wafaee, a statistics expert at Dubai Municipality's Statistics Centre, Dubai should see changes in trade policies that will affect the emirate's trade performance. Wafaee stated that Dubai's economic growth is balanced and poised due the with wise economic policies that aimed at diversifying the sources of national income. The retail and wholesale trade sector played a pivotal role in the economic growth also. Wafaee suggested that for Dubai to keep up the pace of economic growth they should be more cooperation between local and federal organizations. Dubai believes that 2010 will be a recovery year due to increased investments in real estate.

Saturday, March 27, 2010

Banks Fear Debt Repayment

The Bank creditors for Dubai World are concerned about the company's proposal to restructure its debts. This proposal came a day after they had stated to pay back its loans to the banks within eight years. There are seven banks that are negotiating with Dubai World, and the banks are saying they are concerned about the lack of clarity on payment of Interest to Dubai World Leaders. The banks feel that they will endure a big loss of debt repayment because Dubai World is giving preferential treatment to real estate developers.

These banks also sit on the co-ordination treatment, and some of the member's disagree with the proposal. The proposal was presented without agreement on interest payment. The committee is expected to present a response to the proposal Dubai World has made. Under the proposal Dubai World's creditors will receive their principle debt over five to eight years.

Saturday, March 20, 2010

Ongoing Investigation

The Dubai Police Force still has an ongoing investigation on the assassination of Mahmoud Al Mabhouh, a high level Hamas Official. Mabhouh was found dead in his hotel room at the Al Bustan Rotana on January 19th. The most recent count of suspects Dubai has released is 27 people. A majority of the suspects were traveling on falsified European or Australian passports.

The plot thickened when Dubai Police connected major US media outlet reports to the crime. Many of those who were involved in the crime were connected to the USA and corporations based in the US and in Israel. According to the New York Times at least two of the assassin's had entered the United States after they had left Dubai. Dubai Official believe that the suspects connected to the US are most likely members of the Mossad's Worldwide Network. According to Police reports 14 of the suspects used credit cards from META Bank, a regional American Bank, to pay for hotel rooms and travel arrangements. The Vice President of META Bank responded with a statement saying that the credit cards used where prepaid cards. The prepaid cards are used by American Companies to pay expatriates, employees, and contractors of their company who live in the US and in foreign countries.

Saturday, March 13, 2010

Dubai World

Dubai World is a global company that focuses on the growth in areas of Transport and Logistics, Drydocks and Maritime, Urban Development, and Investment and Financial Services. It contains some of the world's largest companies in their industries. Their vision is to become the foremost holding company, playing a key role in the global economy, and to create an outstanding shareholder. Their plan is to generate global socio-economic growth and obtain wealth through diversified investments. The chairman of Dubai World is Sultan Ahmed Bin Sulayem.

One of the major global developers and operators for Dubai World is Economic Zones World. This company is helping Dubai World create a network of infrastructures and expanding its international customer base. Economic Zones World is also a major developer for Asia, Africa, Europe, and North and South America.